CheesecakeKitten
  • CheesecakeKitten
WILL MEDAL AND FAN!!!!! Hannah earned $1536 in 8 years on an investment at a 4% annual simple interest rate. How much was Hannah's investment? A. $491.52 B. $4800 C. $3072 D. $768
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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GabeBae
  • GabeBae
Hello again
CheesecakeKitten
  • CheesecakeKitten
Hi!
GabeBae
  • GabeBae
Do you know the simple interest formula?

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More answers

CheesecakeKitten
  • CheesecakeKitten
Nope...
GabeBae
  • GabeBae
I = the money created in dollars P = the principal, which is the amount of money you started off with R = the interest rate per year in decimal form T = the time in years
GabeBae
  • GabeBae
Are you still there?
CheesecakeKitten
  • CheesecakeKitten
Yup
GabeBae
  • GabeBae
Do you want me to set it up for you?
CheesecakeKitten
  • CheesecakeKitten
Yes, please.
GabeBae
  • GabeBae
hold on let me get the answer first
CheesecakeKitten
  • CheesecakeKitten
Take your time :)
GabeBae
  • GabeBae
Nah I got it
GabeBae
  • GabeBae
Do you know where I got 0.04 from?
GabeBae
  • GabeBae
I think i'm missing something
CheesecakeKitten
  • CheesecakeKitten
From 4%?
GabeBae
  • GabeBae
yes you divide it by 100 to get the decimal form
GabeBae
  • GabeBae
I read the question wrong
CheesecakeKitten
  • CheesecakeKitten
Oh
GabeBae
  • GabeBae
I'm sorry I took algebra last year trying to refresh my mind
GabeBae
  • GabeBae
It says she got 4% investment annually and she did this for 8 years
GabeBae
  • GabeBae
That would be 32%
GabeBae
  • GabeBae
for the 8 years
CheesecakeKitten
  • CheesecakeKitten
So, 32% of 1536, which is 491.52?
GabeBae
  • GabeBae
no
CheesecakeKitten
  • CheesecakeKitten
Dangit
GabeBae
  • GabeBae
You have to get the interest rate in decimal form
CheesecakeKitten
  • CheesecakeKitten
I keep getting 491.52...Oh well, it's just 1 question, and i got all the others right.
GabeBae
  • GabeBae
I'm not sure it is 491.52 I remember taking this last year and I know i'm missing something important
GabeBae
  • GabeBae
They're asking how much she earned in total
GabeBae
  • GabeBae
She earned 1,526 dollars from the interest rate during 8 years
GabeBae
  • GabeBae
*1,536
GabeBae
  • GabeBae
0.32x = $1536 ----- ----- 0.32 0.32 ------------- x = 4800
CheesecakeKitten
  • CheesecakeKitten
Thanks! Glad you could help! I'll be sure to come back to this if i need you
GabeBae
  • GabeBae
Tell me if it's correct or wrong please
GabeBae
  • GabeBae
Thank god @tkhunny is here
CheesecakeKitten
  • CheesecakeKitten
I passed!
GabeBae
  • GabeBae
So it was correct?
CheesecakeKitten
  • CheesecakeKitten
Yup! 100%
tkhunny
  • tkhunny
How much was Hannah's investment? I =Prt Hannah earned $1536 I = 1536 1536= Prt in 8 years t = 8 1536= Pt(8) on an investment at a 4% annual simple interest rate. r = 4%= 0.04 1536 = P(0.04)(8) Solve for P. The investment is most likely to be greater than the interest earnings.
GabeBae
  • GabeBae
Thank you @tkhunny but I got it :P
tkhunny
  • tkhunny
It helps to be systematic and organized. :-)
GabeBae
  • GabeBae
Ye i'm sorry for the confusion I took this class last year and I forgot most of what I took

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